Exhibit 12.1
Olympic Steel, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Year Ended December 31, | ||||||||||||||||||||||||
Nine | ||||||||||||||||||||||||
Months Ended | ||||||||||||||||||||||||
Sept. 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Income (loss) before taxes | $ | (95,244 | ) | $ | 108,098 | $ | 40,505 | $ | 49,406 | $ | 36,193 | $ | 98,893 | |||||||||||
Add: | ||||||||||||||||||||||||
Amortization of previously capitalized interest | 55 | 37 | — | — | — | — | ||||||||||||||||||
Interest (including capitalized interest) | 1,919 | 1,580 | 2,819 | 2,677 | 3,703 | 4,655 | ||||||||||||||||||
Interest portion of rental expense | 189 | 262 | 253 | 213 | 129 | 102 | ||||||||||||||||||
Total additions | 2,108 | 1,842 | 3,072 | 2,890 | 3,832 | 4,757 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Capitalized interest | (58 | ) | (432 | ) | — | — | — | — | ||||||||||||||||
Total earnings (loss) | (93,194 | ) | 109,508 | 43,577 | 52,296 | 40,025 | 103,650 | |||||||||||||||||
Capitalized interest | 58 | 432 | — | — | — | — | ||||||||||||||||||
Interest and other expense on debt | 1,861 | 1,148 | 2,819 | 2,677 | 3,703 | 4,655 | ||||||||||||||||||
Interest portion of rental expense | 189 | 262 | 253 | 213 | 129 | 102 | ||||||||||||||||||
Fixed charges | 2,108 | 1,842 | 3,072 | 2,890 | 3,832 | 4,757 | ||||||||||||||||||
Ratio of earnings to fixed charges(1) | — | 59.46 | 14.18 | 18.10 | 10.44 | 21.79 | ||||||||||||||||||
(1) | Earnings were insufficient to cover fixed charges by approximately $95.3 million for the nine months ended September 30, 2009; accordingly, no ratio is presented for such period. |